First Takaful Insurance Company (FTI) completed the sale of its full stake in Turkish peer Neova Sigorta for 12.14 million Kuwait dinars ($39.24 million).
The Kuwaiti-listed insurance company said that it has recorded a loss worth 4.7 million Kuwaiti dinars, based on the currency exchange rate at the time of sale.
In February 2020, FTI announced that it had signed an initial agreement to sell its 35 percent stake in Neova Sigorta.
The company also said in February that it expects 11.5 million Kuwaiti dinars to 13.1 million Kuwaiti dinars from the stake sale.
(Writing by Gerard Aoun, editing by Seban Scaria)
#Kuwait #FTI #Turkey #Insurance
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